Isuzu 2012 Annual Report Download
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Table of contents
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Page 1
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Page 2
... Corporate Mission
Trust, Action, Excellence
A global team delivering inspired products and services committed to exceeding expectations
CONTENTS Profile Consolidated Financial Highlights Major Press Releases At a Glance Message from the President Special Feature: Mid-term Business Plan Corporate...
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Page 3
... Motors Group companies' sales networks, trading companies, and other partners.
1. Principal products
l Light- to heavy-duty trucks l Buses
l Pickup trucks
l Industrial diesel engines
2. Features
In Japan, Isuzu boasts No. 1 share in the light-duty truck market and No. 2 share in the medium...
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Page 4
...
U.S. dollars
2012 Per Share: Net income - primary
Â¥ 53.86
2011
¥ 30.45 ¥
2010
4.96
2012
$ 0.65
Note: U.S. dollar figures have been calculated at the rate of ¥82.19=U.S.$1, the approximate rate of exchange prevailing on the Foreign Exchange Market on March 30, 2012.
Net Sales
(Millions of...
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Page 5
...â- Annual Report 2012
Major Press Releases
Business-related
September 29, 2011 Isuzu Makes a Pickup Truck Export Company its Consolidated Subsidiary (to strengthen pickup truck business)
In July 2011, Isuzu Motors Limited (Isuzu) decided to make Isuzu Motors International Operations Thailand (IMIT...
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Page 6
... Co., Ltd., and four consolidated sales companies in the Tohoku region were consolidated to form Isuzu Motors Tohoku Limited in April 2012.
Asia
• Isuzu Motors Limited made a full model change of its 1-ton pickup truck called "Isuzu D-MAX" in Thailand and start selling them early in October 2011...
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Page 7
... America CV
South and Central America LCV
Chile
Light Duty Trucks 18.2%
Middle East/Africa
• N Series light-duty trucks continue to maintain their overwhelming lead in market share in Saudi Arabia. • Isuzu plans to start assembly of its Forward medium-duty truck at a new plant in Saudi Arabia...
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Page 8
... Japan Earthquake, a strengthening of the yen, a European debt crisis, and flooding in Thailand. Against this backdrop, Isuzu worked hard to stabilize production and to recover from supply delays in an effort to help fulfill customers' transportation needs. We have been able to meet CV (commercial...
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Page 9
... Business in Japan" and "Enhancement and Expansion of LCV Business", set forth in the Mid-term Business Plan which was adopted to facilitate the company's continued expansion and development. Going forward, I trust that we at Isuzu Motors Limited will continue to enjoy your understanding and support...
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Page 10
.... In response to changes such as these in the environment, we created a new "Mid-term Business Plan" to create a Business Model for Change and Growth to be achieved in FY2016.
Economy globally expanded
Global financial crisis
The Great East Japan Earthquake (3.11) Advanced countries are stagnant...
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Page 11
Isuzu Motors Limited â- Annual Report 2012
Global Three Core Business Organization
In addition to Japan and Thailand, to strengthen our business structure under the "Global Three Core Business Organization", we have identified Indonesia as new core base for CVs for emerging markets, as well as the...
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Page 12
Special Feature Special Feature
Isuzu Motors Mid-term Business Plan, April 2011 to March 2014
Group Strategy / Engineering
Japan focuses on core engineering and transfers engineering functions to ASEAN markets, to develop specific products best suited for emerging markets.
Engineering
Strengthening...
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Page 13
... Limited (Isuzu) made Isuzu Motors International Operations Thailand (IMIT) into a consolidated subsidiary, to use as an operational base for the export of pickup trucks on a global scale. In addition to sales, the new company supports the "3S" functions of spare parts and service. In April 2012...
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Page 14
...'s Corporate Vision
The policy of activities
Winning trust from our customers
Isuzu aims to win trust from our customers by providing meaningful product and services to the society, and thus contribute to the creation of a prosperous society.
Promoting fair and reasonable business
Isuzu business...
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Page 15
... the Isuzu group, the manufacture of environmentally-friendly products, the process of building environmentally-friendly plants, and relations with local communities and customers in Japan and overseas. Report on emergency and recovery aid in the aftermath of the Great East Japan Earthquake and...
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Page 16
... Jun Motoki Yoshifumi Komura Makoto Kawahara
Executive Officers
Shinichi Takahashi Masayuki Fujimori Yasuo Ogawara Keiichiro Maegaki Hiroki Mitsui Susumu Kawahata Ichiro Muratou Shigeo Tsuzuki Toshihiro Uehara Masatoshi Ito
Standing Corporate Auditors
Shunichi Satomi Hiroshi Oyama Kozo Isshiki...
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Page 17
Financial Section
ISUZU MOTORS LIMITED
Annual Report 2012
Consolidated Five-Year Summary MD&A Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Comprehensive Income Consolidated Statements of Change in Net Assets Consolidated Statements of Cash Flows Notes to...
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Page 18
Financial Section
Consolidated Five-Year Summary
Millions of yen Thousands of U.S. dollars
2012 For the Year: Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Income before extraordinary items Income before income taxes Net income (loss) At Year-...
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Page 19
... commercial vehicle market, Isuzu maintained its high market share through the introduction of products with superior fuel efficiency and economy, capturing 31.1% of the medium-duty and heavy-duty trucks market (down 1.7% from the previous year) and 40.2% of the light-duty (2-3 ton) truck market...
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Page 20
... the Group's major markets -Japan, North America, and other Asian countries-could have a negative impact on the Group's performance and financial position. Price competition also entails the risk of price fluctuation for Isuzu products.
Cash flow from investing activities
Net cash used in investing...
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Page 21
Isuzu Motors Limited â- Annual Report 2012
Motors Corporation (Detroit, MI) and its affiliates as well as to other vehicle manufacturers. Sales to these customers are affected by fluctuations in production and sales at these customer companies and other factors over which the Isuzu Group has no ...
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Page 22
... and affiliated companies Others Long-term loans Deferred tax assets (Note 6) Other investments and advances Less : allowance for doubtful accounts Total Investments and Advances Property, Plant and Equipment (Note 4) Land (Note 8) Buildings and structures Machinery and equipment Lease assets...
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Page 23
Isuzu Motors Limited â- Annual Report 2012
Millions of yen
Thousands of U.S. dollars
Liabilities and Net Assets Current Liabilities: Short-term loans Current portion of bonds Notes and accounts payable Lease obligations Accrued expenses Accrued income taxes (Note 6) Deposits received Other ...
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Page 24
Financial Section
Consolidated Statements of Income
Net Sales Cost of Sales Gross Profit Selling, General and Administrative Expenses Operating Income Other Income (Expenses): Interest and dividend income Interest expense Equity in earnings of unconsolidated subsidiaries and affiliates Others, net ...
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Page 25
Isuzu Motors Limited â- Annual Report 2012
Consolidated Statements of Change in Net Assets (Note 7)
(For the years ended March 31, 2012 and 2011)
Millions of yen
Treasury stock, at cost Unrealized holding gains on securities Revaluation reserve for land Unrealized losses on hedging instruments ...
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Page 26
...-term debt Redemption of bonds Proceeds from minority shareholders Repayment of lease obligations Payment on acquisition of treasury stock Payment on dividends made by parent company Payment on dividends to minority shareholders Net Cash Used in Financing Activities Effect of Exchange Rate Changes...
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Page 27
... financial statements of Isuzu Motors Limited ("the Company") and consolidated subsidiaries are prepared on the basis of accounting principles generally accepted in Japan, which are different in certain respects as to application and disclosure requirement of International Financial Reporting...
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Page 28
... stock is calculated based upon the weighted average number of shares of common stock outstanding during each year. Basis for the calculation of net income per share at March 31, 2012 is as follows:
Millions of yen Thousands of U.S. dollars
Cash and time deposits on the consolidated balance sheets...
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Page 29
Isuzu Motors Limited â- Annual Report 2012
4. Long-Term Debt
Long-term debt at March 31, 2012 and 2011 are as follows:
Millions of yen Thousands of U.S. dollars
(1) Retirement benefit obligation as of March 31, 2012 and 2011 are as follows: Thousands of
Millions of yen U.S. dollars
2012
2011
...
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Page 30
... Taxation System Responding to Changes in Economic and Social Structures" (Act No. 114 of 2011) and the "Act on Special Measures for Securing Financial Resources Necessary to Implement Measures for Reconstruction following the Great East Japan Earthquake" (Act No. 117 of 2011), corporation tax rates...
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Page 31
Isuzu Motors Limited â- Annual Report 2012
method were revalued. Revalued Date: March 31, 2001 The method of revaluation is as follows: Under article 2-4 of the Enforcement Ordinance on Law concerning Revaluation of Land, the land price for the revaluation was determined based on the official ...
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Page 32
...Type of derivative transactions Foreign exchange forward contracts
Main hedged items
Contract amount
Over one year
Fair value
Contract amount
Over one year
Fair value
Principal accounting method
Buy Japanese yen Sell U.S. dollar Australian dollar Foreign exchange forward contracts Sell...
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Page 33
Isuzu Motors Limited â- Annual Report 2012
13. Impairment Loss on Fixed Assets
Impairment loss on fixed assets recognized in the consolidated financial statements for the fiscal year ended March 31, 2012 is as follows:
Location Usage Type Millions of yen Thousands of U.S. dollars
15. Notes to ...
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Page 34
... of the business combination (1) Name and business of the acquired company Name of the acquired company: Isuzu Operations (Thailand) Co., Ltd. Business: Export and sales of pickup trucks and their derivatives, vehicles, KD-sets and service parts and accessories manufactured in Thailand, as well...
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Page 35
... (3) Business : Production of engine parts / Sales of commercial vehicles and engine parts (4) Capital : 240,000 thousand US dollars *1 (5) Date of Establishment : August 2012 (planned) (6) Acquisition Cost : 122,400 thousand US dollars *1 (7) Shareholders/Share of equity: Isuzu 51%, Qingling Motors...
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Page 36
Financial Section
Report of Independent Auditors
34
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Page 37
...-Tai, Phrapradaeng, Samutprakan 10130, Thailand Tel: 66-2-394-2541
Isuzu Truck South Africa (Pty) Limited
Woodmead North Office Park, 54 Maxwell Drive, Jukskei View Ext 7, Sandton, Gauteng, Republic of South Africa Tel: 27-11-563-4000
P.T. Isuzu Astra Motor Indonesia
JL. DANAU SUNTER UTARA Block...
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Page 38
... Industry Co., Ltd. Company shares are listed on the Tokyo Stock Exchange. The Company's name is changed to Isuzu Motors Limited. Isuzu signs a technical assistance agreement with Rootes, Ltd., of the U.K. for the Hillman passenger car. The Fujisawa Plant begins operations. Isuzu Sales and Finance...
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Page 39
... 31, 2012)
Common Stock 3,369,000,000 1,696,845,339 65,045
Major Shareholders
Common Stock
Japan Trustee Services Bank,Ltd. (Trust Account) Mitsubishi Corporation Itochu Corporation Toyota Motor Corporation The Master Trust Bank of Japan,Ltd. (Trust Account) State Street Bank & Trust Company SSBT...
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Page 40
ISUZU MOTORS LIMITED
6-26-1, Minami-oi, Shinagawa-ku Tokyo 140-8722, Japan Tel: +81-3-5471-1141 Fax: +81-3-5471-1043
ht tp: // w w w.isuzu.co.jp / world /